B3-4.1-01, Minimum Reserve Requirements (08/07/2024)

Liquid financial reserves are those liquid or near liquid assets that are available to a borrower after the mortgage closes. Liquid financial reserves include cash and other assets that are easily converted to cash by the borrower by

drafting or withdrawing funds from an account,
selling an asset,
redeeming vested funds, or
obtaining a loan secured by assets from a fund administrator or an insurance company.

Reserves are measured by the number of months of the qualifying payment amount for the subject mortgage (based on PITIA) that a borrower could pay using their financial assets. For monthly housing expense and qualifying payment requirements, see B3-6-03, Monthly Housing Expense for the Subject PropertyB3-6-03, Monthly Housing Expense for the Subject Property and B3-6-04, Qualifying Payment RequirementsB3-6-04, Qualifying Payment Requirements .

The definition of reserves applies to both manually underwritten mortgage loans and loan casefiles underwritten through DU. Funds to close are subtracted from available assets when considering sufficient assets for reserves.

Acceptable Sources of Reserves

Examples of liquid financial assets that can be used for reserves include readily available funds in

checking or savings accounts;
investments in stocks, bonds, mutual funds, certificates of deposit, money market funds, and trust accounts;
the amount vested in a retirement savings account; and
the cash value of a vested life insurance policy.

Unacceptable Sources of Reserves

The following cannot be counted as part of the borrower’s reserves:

funds that have not been vested;
funds that cannot be withdrawn under circumstances other than the account owner’s retirement, employment termination, or death;
stock held in an unlisted corporation;
non-vested stock options and non-vested restricted stock;
personal unsecured loans;
rent-back credit;
interested party contributions (IPCs) (see B3-4.1-02, Interested Party Contributions (IPCs)B3-4.1-02, Interested Party Contributions (IPCs) );
any amount of a lender contribution (see B3-4.3-06, Grants and Lender ContributionsB3-4.3-06, Grants and Lender Contributions ); and
cash proceeds from a cash-out refinance transaction on the subject property.

Supplementing Borrower Funds

Funds received from acceptable sources may be used to supplement the borrower’s funds to satisfy any financial reserve requirement.

Note: Eligible gift funds (but not gifts of equity) may be used to satisfy reserve requirements.

Determining Required Minimum Reserves

Minimum required reserves vary depending on

the transaction,
the occupancy status and amortization type of the subject property,
the number of units in the subject property, and
the number of other financed properties the borrower currently owns.

Manually underwritten loans: The minimum required reserves are documented in the Eligibility Matrix.

DU loan casefiles: DU will determine the reserve requirements based on the following:

Two months' reserves for a second home transaction.

Six months' reserves for the following:

a two- to four-unit principal residence transaction,
an investment property transaction, and
a cash-out refinance transaction with a DTI ratio greater than 45%.

Note: There is no minimum reserve requirement for one-unit principal residence transactions. High LTV refinance loans are exempt from the minimum reserve requirements.

Calculation of Reserves for Multiple Financed Properties

If the borrower owns other financed properties (determined in accordance with B2-2-03, Multiple Financed Properties for the Same BorrowerB2-2-03, Multiple Financed Properties for the Same Borrower ), additional reserves must be calculated and documented for financed properties other than the subject property and the borrower’s principal residence. The other financed properties reserves amount must be determined by applying a specific percentage to the aggregate of the outstanding unpaid principal balance (UPB) for mortgages and HELOCs on these other financed properties. The percentages are based on the number of financed properties:

2% of the aggregate UPB if the borrower has one to four financed properties,
4% of the aggregate UPB if the borrower has five to six financed properties, or
6% of the aggregate UPB if the borrower has seven to ten financed properties (DU only).

The aggregate UPB calculation does not include the mortgages and HELOCs that are on

the subject property,
the borrower’s principal residence,
properties that are sold or pending sale, and
accounts that will be paid by closing (or omitted in DU on the online loan application).

Simultaneous Second Home or Investment Property Transactions

If a lender is processing multiple second home or investment property applications simultaneously, the same assets may be used to satisfy the reserve requirements for both mortgage applications. Reserves are not cumulative for multiple applications.

Example: A lender is simultaneously processing two refinance applications for two investment properties owned by the borrower. The application for property A requires reserves of $5,000. The application for property B requires reserves of $10,000. Because the reserves are covering the same properties, the lender does not have to verify $15,000 in reserves, but only those required per each application.

Examples of Reserves Calculations

The following tables contain examples of reserves calculations for borrowers with multiple financed properties.

Example 1: Three Financed Properties

Occupancy	Outstanding UPB	Monthly PITIA	Reserves Calculations
Subject: Second Home	$78,750	$776	2 Months PITIA =	$1,552
Principal	$0	$179	N/A	$0
Investor	$87,550	$787	$230,050 x 2% =	$4,601
Investor	$142,500	$905	$230,050 x 2% =	$4,601
$230,050	Total =	$6,153

Example 2: Six Financed Properties

Occupancy	Outstanding UPB	Monthly PITIA	Reserves Calculations
Subject: Investor	$78,750	$776	6 Months PITIA =	$4,656
Principal	$133,000	$946	N/A	$0
Investor	$87,550	$787	$345,030 x 4% =	$13,801
Investor	$142,500	$905
Investor	$84,950	$722
Investor	$30,030	$412
$345,030	Total =	$18,457

Example 3: Eight Financed Properties (DU ONLY)

Occupancy	Outstanding UPB	Monthly PITIA	Reserves Calculations
Subject: Investor	$78,750	$776	6 Months PITIA =	$4,656
Principal	$133,000	$946	N/A	$0
Investor	$87,550	$787	$629,530 x 6% =	$37,772
Investor	$142,500	$905
Investor	$84,950	$722
Investor	$30,030	$412
Second Home	$124,500	$837
Investor	$160,000	$1,283
$629,530	Total =	$42,427

Additional Resources

B2-2-03, Multiple Financed Properties for the Same BorrowerB2-2-03, Multiple Financed Properties for the Same Borrower ;
B3-4.4-01, DU Asset VerificationB3-4.4-01, DU Asset Verification ;
B3-6-03, Monthly Housing Expense for the Subject PropertyB3-6-03, Monthly Housing Expense for the Subject Property ; and
B3-6-04, Qualifying Payment RequirementsB3-6-04, Qualifying Payment Requirements .

Recent Related Announcements

The table below provides references to recently issued Announcements that are related to this topic.

Announcements	Issue Date
Announcement SEL-2024-05	August 07, 2024
Announcement SEL-2023-03	April 05, 2023
Announcement SEL-2020-06	October 07, 2020
Announcement SEL-2019-07	August 07, 2019

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(Published: September 04 2024)

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Part A Doing Business with Fannie Mae
- Subpart A1, Approval Qualification
  - Chapter A1-1, Application and Approval of Seller/Servicer
    - A1-1-01, Application and Approval of Seller/Servicer
    - Chapter A2-1, Contractual Obligations for Sellers/Servicers
      - A2-1-01, Contractual Obligations for Sellers/Servicers
      - A2-1-02, Nature of Mortgage Transaction
      - A2-1-03, Indemnification for Losses
      - A2-2-01, Representations and Warranties Overview
      - A2-2-02, Delivery Information and Delivery-Option Specific Representations and Warranties
      - A2-2-03, Document Warranties
      - A2-2-04, Limited Waiver and Enforcement Relief of Representations and Warranties
      - A2-2-05, Invalidation of Limited Waiver of Representations and Warranties
      - A2-2-06, Representations and Warranties on Property Value
      - A2-2-07, Life-of-Loan Representations and Warranties
      - Section A2-3.1, Lender Breach of Contract
        
        A2-3.1-01, Lender Breach of Contract
        
        A2-3.1-02, Sanctions, Suspensions, and Terminations
        
        A2-3.2-01, Loan Repurchases and Make Whole Payments Requested by Fannie Mae
        
        A2-3.2-02, Enforcement Relief for Breaches of Certain Representations and Warranties Related to Underwriting and Eligibility
        
        A2-3.2-03, Remedies Framework
        
        A2-3.3-01, Compensatory Fees
        
        Section A2-4.1, Establishment, Ownership, and Retention of Loan Files and Records
        
        A2-4.1-01, Establishing Loan Files
        
        A2-4.1-02, Ownership and Retention of Loan Files and Records
        
        A2-4.1-03, Electronic Records, Signatures, and Transactions
        
        A2-4.1-04, Notarization Standards
        
        A2-5-01, Fannie Mae Trade Name and Trademarks
        
        Chapter A3-1, Fannie Mae’s Technology Products
        
        A3-1-01, Fannie Mae’s Technology Products
        
        A3-2-01, Compliance With Laws
        
        A3-2-02, Responsible Lending Practices
        
        A3-3-01, Outsourcing of Mortgage Processing and Third-Party Originations
        
        A3-3-02, Concurrent Servicing Transfers
        
        A3-3-03, Other Servicing Arrangements
        
        A3-3-04, Document Custodians
        
        A3-3-05, Custody of Mortgage Documents
        
        A3-4-01, Confidentiality of Information
        
        A3-4-02, Data Quality and Integrity
        
        A3-4-03, Preventing, Detecting, and Reporting Mortgage Fraud
        
        A3-5-01, Fidelity Bond and Errors and Omissions Coverage Provisions
        
        A3-5-02, Fidelity Bond Policy Requirements
        
        A3-5-03, Errors and Omissions Policy Requirements
        
        A3-5-04, Reporting Fidelity Bond and Errors and Omissions Events
        
        Chapter A4-1, Maintaining Seller/Servicer Eligibility: Overview
        
        A4-1-01, Maintaining Seller/Servicer Eligibility
        
        A4-1-02, Submission of Financial Statements and Reports
        
        A4-1-03, Report of Changes in the Seller/Servicer’s Organization
        
        A4-1-04, Submission of Irrevocable Limited Powers of Attorney
        
        Subpart B1, Loan Application Package
        
        Chapter B1-1, Application Package Documentation
        
        B1-1-01, Contents of the Application Package
        
        B1-1-02, Blanket Authorization Form
        
        B1-1-03, Allowable Age of Credit Documents and Federal Income Tax Returns
        
        Chapter B2-1, Mortgage Eligibility
        
        Section B2-1.1, Occupancy Types
        
        B2-1.1-01, Occupancy Types
        
        B2-1.2-01, Loan-to-Value (LTV) Ratios
        
        B2-1.2-02, Combined Loan-to-Value (CLTV) Ratios
        
        B2-1.2-03, Home Equity Combined Loan-to-Value (HCLTV) Ratios
        
        B2-1.2-04, Subordinate Financing
        
        B2-1.3-01, Purchase Transactions
        
        B2-1.3-02, Limited Cash-Out Refinance Transactions
        
        B2-1.3-03, Cash-Out Refinance Transactions
        
        B2-1.3-04, Prohibited Refinancing Practices
        
        B2-1.3-05, Payoff of Installment Land Contract Requirements
        
        B2-1.4-01, Fixed-Rate Loans
        
        B2-1.4-02, Adjustable-Rate Mortgages (ARMs)
        
        B2-1.4-03, Convertible ARMs
        
        B2-1.4-04, Temporary Interest Rate Buydowns
        
        B2-1.5-01, Loan Limits
        
        B2-1.5-02, Loan Eligibility
        
        B2-1.5-03, Legal Requirements
        
        B2-1.5-04, Escrow Accounts
        
        B2-1.5-05, Principal Curtailments
        
        B2-2-01, General Borrower Eligibility Requirements
        
        B2-2-02, Non–U.S. Citizen Borrower Eligibility Requirements
        
        B2-2-03, Multiple Financed Properties for the Same Borrower
        
        B2-2-04, Guarantors, Co-Signers, or Non-Occupant Borrowers on the Subject Transaction
        
        B2-2-05, Inter Vivos Revocable Trusts
        
        B2-2-06, Homeownership Education and Housing Counseling
        
        B2-2-07, First-Generation Homebuyer Loans
        
        B2-3-01, General Property Eligibility
        
        B2-3-02, Special Property Eligibility and Underwriting Considerations: Factory-Built Housing
        
        B2-3-03, Special Property Eligibility and Underwriting Considerations: Leasehold Estates
        
        B2-3-04, Special Property Eligibility Considerations
        
        B2-3-05, Properties Affected by a Disaster
        
        Chapter B3-1, Manual Underwriting
        
        B3-1-01, Comprehensive Risk Assessment
        
        B3-2-01, General Information on DU
        
        B3-2-02, DU Validation Service
        
        B3-2-03, Risk Factors Evaluated by DU
        
        B3-2-04, DU Documentation Requirements
        
        B3-2-05, Approve/Eligible Recommendations
        
        B3-2-06, Approve/Ineligible Recommendations
        
        B3-2-07, Refer with Caution Recommendations
        
        B3-2-08, Out of Scope Recommendations
        
        B3-2-09, Erroneous Credit Report Data
        
        B3-2-10, Accuracy of DU Data, DU Tolerances, and Errors in the Credit Report
        
        B3-2-11, DU Underwriting Findings Report
        
        Section B3-3.1, Employment and Other Sources of Income
        
        B3-3.1-01, General Income Information
        
        B3-3.1-02, Standards for Employment Documentation
        
        B3-3.1-03, Base Pay (Salary or Hourly), Bonus, and Overtime Income
        
        B3-3.1-04, Commission Income
        
        B3-3.1-05, Secondary Employment Income (Second Job and Multiple Jobs) and Seasonal Income
        
        B3-3.1-06, Requirements and Uses of IRS IVES Request for Transcript of Tax Return Form 4506-C
        
        B3-3.1-07, Verbal Verification of Employment
        
        B3-3.1-08, Rental Income
        
        B3-3.1-09, Other Sources of Income
        
        B3-3.1-10, Income Calculator
        
        B3-3.2-01, Underwriting Factors and Documentation for a Self-Employed Borrower
        
        B3-3.2-02, Business Structures
        
        B3-3.2-03, IRS Forms Quick Reference
        
        B3-3.3-01, General Information on Analyzing Individual Tax Returns
        
        B3-3.3-02, Income Reported on IRS Form 1040
        
        B3-3.3-03, Income or Loss Reported on IRS Form 1040, Schedule C
        
        B3-3.3-04, Income or Loss Reported on IRS Form 1040, Schedule D
        
        B3-3.3-05, Income or Loss Reported on IRS Form 1040, Schedule E
        
        B3-3.3-06, Income or Loss Reported on IRS Form 1040, Schedule F
        
        B3-3.3-07, Income or Loss Reported on IRS Form 1065 or IRS Form 1120S, Schedule K-1
        
        B3-3.4-01, Analyzing Partnership Returns for a Partnership or LLC
        
        B3-3.4-02, Analyzing Returns for an S Corporation
        
        B3-3.4-03, Analyzing Returns for a Corporation
        
        B3-3.4-04, Analyzing Profit and Loss Statements
        
        B3-3.5-01, Income and Employment Documentation for DU
        
        B3-3.5-02, Income from Rental Property in DU
        
        Section B3-4.1, General Asset Requirements
        
        B3-4.1-01, Minimum Reserve Requirements
        
        B3-4.1-02, Interested Party Contributions (IPCs)
        
        B3-4.1-03, Types of Interested Party Contributions (IPCs)
        
        B3-4.1-04, Virtual Currency
        
        B3-4.2-01, Verification of Deposits and Assets
        
        B3-4.2-02, Depository Accounts
        
        B3-4.2-03, Individual Development Accounts
        
        B3-4.2-04, Pooled Savings (Community Savings Funds)
        
        B3-4.2-05, Foreign Assets
        
        B3-4.3-01, Stocks, Stock Options, Bonds, and Mutual Funds
        
        B3-4.3-02, Trust Accounts
        
        B3-4.3-03, Retirement Accounts
        
        B3-4.3-04, Personal Gifts
        
        B3-4.3-05, Gifts of Equity
        
        B3-4.3-06, Grants and Lender Contributions
        
        B3-4.3-07, Disaster Relief Grants or Loans
        
        B3-4.3-08, Employer Assistance
        
        B3-4.3-09, Earnest Money Deposit
        
        B3-4.3-10, Anticipated Sales Proceeds
        
        B3-4.3-11, Trade Equity
        
        B3-4.3-12, Rent-Related Credits
        
        B3-4.3-13, Sweat Equity
        
        B3-4.3-14, Bridge/Swing Loans
        
        B3-4.3-15, Borrowed Funds Secured by an Asset
        
        B3-4.3-16, Credit Card Financing and Reward Points
        
        B3-4.3-17, Personal Unsecured Loans
        
        B3-4.3-18, Sale of Personal Assets
        
        B3-4.3-19, Cash Value of Life Insurance
        
        B3-4.3-20, Anticipated Savings and Cash-on-Hand
        
        B3-4.3-21, Borrower's Earned Real Estate Commission
        
        B3-4.4-01, DU Asset Verification
        
        B3-4.4-02, Requirements for Certain Assets in DU
        
        Section B3-5.1, Credit Scores
        
        B3-5.1-01, General Requirements for Credit Scores
        
        B3-5.1-02, Determining the Credit Score for a Mortgage Loan
        
        B3-5.2-01, Requirements for Credit Reports
        
        B3-5.2-02, Types of Credit Reports
        
        B3-5.2-03, Accuracy of Credit Information in a Credit Report
        
        B3-5.3-01, Number and Age of Accounts
        
        B3-5.3-02, Payment History
        
        B3-5.3-03, Previous Mortgage Payment History
        
        B3-5.3-04, Inquiries: Recent Attempts to Obtain New Credit
        
        B3-5.3-05, Credit Utilization
        
        B3-5.3-06, Authorized Users of Credit
        
        B3-5.3-07, Significant Derogatory Credit Events — Waiting Periods and Re-establishing Credit
        
        B3-5.3-08, Extenuating Circumstances for Derogatory Credit
        
        B3-5.3-09, DU Credit Report Analysis
        
        B3-5.4-01, Eligibility Requirements for Loans with Nontraditional Credit
        
        B3-5.4-02, Number and Types of Nontraditional Credit References
        
        B3-5.4-03, Documentation and Assessment of a Nontraditional Credit History
        
        B3-6-01, General Information on Liabilities
        
        B3-6-02, Debt-to-Income Ratios
        
        B3-6-03, Monthly Housing Expense for the Subject Property
        
        B3-6-04, Qualifying Payment Requirements
        
        B3-6-05, Monthly Debt Obligations
        
        B3-6-06, Qualifying Impact of Other Real Estate Owned
        
        B3-6-07, Debts Paid Off At or Prior to Closing
        
        B3-6-08, DU: Requirements for Liability Assessment
        
        Chapter B4-1, Property Assessment and Valuation
        
        Section B4-1.1, General Appraisal Requirements
        
        B4-1.1-01, Definition of Market Value
        
        B4-1.1-02, Lender Responsibilities
        
        B4-1.1-03, Appraiser Selection Criteria
        
        B4-1.1-04, Unacceptable Appraisal Practices
        
        B4-1.1-05, Disclosure of Information to Appraisers
        
        B4-1.1-06, Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data Portal (UCDP)
        
        B4-1.2-01, Appraisal Report Forms and Exhibits
        
        B4-1.2-02, Desktop Appraisals
        
        B4-1.2-03, Hybrid Appraisals
        
        B4-1.2-04, Appraisal Age and Use Requirements
        
        B4-1.2-05, Requirements for Verifying Completion and Postponed Improvements
        
        B4-1.3-01, Review of the Appraisal Report
        
        B4-1.3-02, Subject and Contract Sections of the Appraisal Report
        
        B4-1.3-03, Neighborhood Section of the Appraisal Report
        
        B4-1.3-04, Site Section of the Appraisal Report
        
        B4-1.3-05, Improvements Section of the Appraisal Report
        
        B4-1.3-06, Property Condition and Quality of Construction of the Improvements
        
        B4-1.3-07, Sales Comparison Approach Section of the Appraisal Report
        
        B4-1.3-08, Comparable Sales
        
        B4-1.3-09, Adjustments to Comparable Sales
        
        B4-1.3-10, Cost and Income Approach to Value
        
        B4-1.3-11, Valuation Analysis and Reconciliation
        
        B4-1.3-12, Appraisal Quality Matters
        
        B4-1.4-01, Factory-Built Housing: Manufactured Housing
        
        B4-1.4-02, Factory-Built Housing: Modular, Prefabricated, Panelized, or Sectional Housing
        
        B4-1.4-03, Condo Appraisal Requirements
        
        B4-1.4-04, Co-op Appraisal Requirements
        
        B4-1.4-05, Leasehold Interests Appraisal Requirements
        
        B4-1.4-06, Community Land Trust Appraisal Requirements
        
        B4-1.4-07, Mixed-Use Property Appraisal Requirements
        
        B4-1.4-08, Environmental Hazards Appraisal Requirements
        
        B4-1.4-09, Special Assessment or Community Facilities Districts Appraisal Requirements
        
        B4-1.4-10, Value Acceptance (Appraisal Waiver)
        
        B4-1.4-11, Value Acceptance + Property Data
        
        Section B4-2.1, General Project Standards
        
        B4-2.1-01, General Information on Project Standards
        
        B4-2.1-02, Waiver of Project Review
        
        B4-2.1-03, Ineligible Projects
        
        B4-2.1-04, Environmental Hazard Assessments
        
        B4-2.1-05, Unacceptable Environmental Hazards
        
        B4-2.1-06, Remedial Actions for Environmental Hazard Assessments Below Standards
        
        B4-2.2-01, Limited Review Process
        
        B4-2.2-02, Full Review Process
        
        B4-2.2-03, Full Review: Additional Eligibility Requirements for Units in New and Newly Converted Condo Projects
        
        B4-2.2-04, Geographic-Specific Condo Project Considerations
        
        B4-2.2-05, FHA-Approved Condo Review Eligibility
        
        B4-2.2-06, Project Eligibility Review Service (PERS)
        
        B4-2.2-07, Projects with Special Considerations and Project Eligibility Waivers
        
        B4-2.3-01, Eligibility Requirements for Units in PUD Projects
        
        B4-2.3-02, Co-op Project Eligibility
        
        B4-2.3-03, Legal Requirements for Co-op Projects
        
        B4-2.3-04, Loan Eligibility for Co-op Share Loans
        
        B4-2.3-05, Geographic-Specific Co-op Project Considerations
        
        Chapter B5-1, High-Balance Mortgage Loans
        
        B5-1-01, High-Balance Mortgage Loan Eligibility and Underwriting
        
        B5-1-02, High-Balance Pricing, Mortgage Insurance, Special Feature Codes, and Delivery Limitations
        
        B5-2-01, Manufactured Housing
        
        B5-2-02, Manufactured Housing Loan Eligibility
        
        B5-2-03, Manufactured Housing Underwriting Requirements
        
        B5-2-04, Manufactured Housing Pricing, Mortgage Insurance, and Loan Delivery Requirements
        
        B5-2-05, Manufactured Housing Legal Considerations
        
        Section B5-3.1, Conversion of Construction-to-Permanent Financing
        
        B5-3.1-01, Conversion of Construction-to-Permanent Financing: Overview
        
        B5-3.1-02, Conversion of Construction-to-Permanent Financing: Single-Closing Transactions
        
        B5-3.1-03, Conversion of Construction-to-Permanent Financing: Two-Closing Transactions
        
        B5-3.2-01, HomeStyle Renovation Mortgages
        
        B5-3.2-02, HomeStyle Renovation Mortgages: Loan and Borrower Eligibility
        
        B5-3.2-03, HomeStyle Renovation Mortgages: Collateral Considerations
        
        B5-3.2-04, HomeStyle Renovation Mortgages: Costs and Escrow Accounts
        
        B5-3.2-05, HomeStyle Renovation Mortgages: Completion Certification
        
        B5-3.2-06, HomeStyle Renovation: Renovation Contract, Renovation Loan Agreement, and Lien Waiver
        
        B5-3.3-01, HomeStyle Energy for Improvements on Existing Properties
        
        B5-3.4-01, Property Assessed Clean Energy Loans
        
        Section B5-4.1, General Requirements of Texas Section 50(a)(6) Loans
        
        B5-4.1-01, Texas Section 50(a)(6) Loans
        
        B5-4.1-02, Texas Section 50(a)(6) Loan Eligibility
        
        B5-4.1-03, Texas Section 50(a)(6) Loan Underwriting, Collateral, and Closing Considerations
        
        B5-4.1-04, Texas Section 50(a)(6) Loan Delivery and Servicing Considerations
        
        B5-4.2-01, Native American Conventional Lending Initiative (NACLI)
        
        B5-4.2-02, Disaster-Related Limited Cash-Out Refinance Flexibilities
        
        B5-4.2-03, Loans Secured by HomePath Properties
        
        Section B5-5.1, Community Seconds
        
        B5-5.1-01, Community Seconds Loans
        
        B5-5.1-02, Community Seconds Loan Eligibility
        
        B5-5.1-03, Community Seconds: Shared Appreciation Transactions
        
        B5-5.2-01, Loans With Resale Restrictions: General Information
        
        B5-5.2-02, Loans with Resale Restrictions: Eligibility, Collateral and Delivery Requirements
        
        B5-5.3-01, Shared Equity Overview
        
        B5-5.3-02, Shared Equity Transactions: General Requirements
        
        B5-5.3-03, Shared Equity Transactions: Eligibility, Underwriting and Collateral Requirements
        
        B5-5.3-04, Massachusetts Resale Restriction Loan Eligibility Requirements
        
        B5-6-01, HomeReady Mortgage Loan and Borrower Eligibility
        
        B5-6-02, HomeReady Mortgage Underwriting Methods and Requirements
        
        B5-6-03, HomeReady Mortgage Loan Pricing, Mortgage Insurance, and Special Feature Codes
        
        B5-7-01, High LTV Refinance Loan and Borrower Eligibility
        
        B5-7-02, High LTV Refinance Underwriting, Documentation, and Collateral Requirements for the New Loan
        
        B5-7-03, High LTV Refinance Alternative Qualification Path
        
        B5-7-04, High LTV Refinance Representations and Warranties
        
        B5-7-05, High LTV Refinance Pricing, Mortgage Insurance, and Special Feature Codes
        
        Chapter B6-1, Government Insured and Guaranteed Mortgages
        
        B6-1-01, General Government Mortgage Loan Requirements
        
        B6-1-02, Eligible FHA-Insured Mortgage Loans
        
        B6-1-03, Eligible VA-Guaranteed Mortgages
        
        B6-1-04, Eligible HUD-Guaranteed Section 184 Mortgages
        
        B6-1-05, Eligible RD-Guaranteed Mortgages
        
        Chapter B7-1, Mortgage Insurance/Loan Guaranty
        
        B7-1-01, Provision of Mortgage Insurance
        
        B7-1-02, Mortgage Insurance Coverage Requirements
        
        B7-1-03, Lender-Purchased Mortgage Insurance
        
        B7-1-04, Financed Borrower-Purchased Mortgage Insurance
        
        B7-1-05, Government Mortgage Loan Guaranty or Insurance
        
        B7-2-01, Provision of Title Insurance
        
        B7-2-02, Title Insurer Requirements
        
        B7-2-03, General Title Insurance Coverage
        
        B7-2-04, Special Title Insurance Coverage Considerations
        
        B7-2-05, Title Exceptions and Impediments
        
        B7-2-06, Attorney Title Opinion Letter Requirements
        
        B7-3-01, General Property Insurance Requirements for All Property Types
        
        B7-3-02, Property Insurance Requirements for One-to Four-Unit Properties
        
        B7-3-03, Master Property Insurance Requirements for Project Developments
        
        B7-3-04, Individual Property Insurance Requirements for a Unit in a Project Development
        
        B7-3-05, Additional Insurance Requirements
        
        B7-3-06, Flood Insurance Requirements for All Property Types
        
        B7-3-07, Evidence of Property Insurance
        
        B7-3-08, Mortgagee Clause, Named Insured, and Notice of Cancellation Requirements
        
        B7-4-01, General Liability Insurance Requirements for Project Developments
        
        B7-4-02, Fidelity/Crime Insurance Requirements for Project Developments
        
        Chapter B8-1, General Information on Legal Documents
        
        B8-1-01, Publication of Legal Documents
        
        B8-2-01, Security Instruments for Conventional Mortgages
        
        B8-2-02, Special-Purpose Security Instruments
        
        B8-2-03, Signature Requirements for Security Instruments
        
        B8-3-01, Notes for Conventional Mortgages
        
        B8-3-02, Special Note Provisions and Language Requirements
        
        B8-3-03, Signature Requirements for Notes
        
        B8-3-04, Note Endorsement
        
        B8-4-01, Riders and Addenda
        
        B8-5-01, General Information on Special-Purpose Legal Documents
        
        B8-5-02, Inter Vivos Revocable Trust Mortgage Documentation and Signature Requirements
        
        B8-5-03, HomeStyle Renovation Mortgage Documentation Requirements
        
        B8-5-04, Sample Legal Documents
        
        B8-5-05, Requirements for Use of a Power of Attorney
        
        B8-6-01, Authorized Use of Intervening and Blanket Assignments
        
        B8-7-01, Mortgage Electronic Registration Systems (MERS), Inc.
        
        B8-8-01, General Information on eMortgages
        
        B8-8-02, Requirements for Creating, Closing, and Correcting eNotes
        
        Subpart C1, General Information on Execution Options and Loan Delivery
        
        Chapter C1-1, Execution Options Overview
        
        C1-1-01, Execution Options
        
        C1-2-01, General Information on Delivering Loan Data and Documents
        
        C1-2-02, Loan Data and Documentation Delivery Requirements
        
        C1-2-03, Ownership of Mortgage Loans Prior to Purchase or Securitization and Third-Party Security Interests
        
        C1-2-04, Delivering eMortgages to Fannie Mae
        
        C1-2-05, Delivering Green MBS to Fannie Mae
        
        C1-2-06, Bailee Letters
        
        C1-3-01, General Information on Remittance Types
        
        Chapter C2-1, Mandatory and Best Efforts Commitments to Sell Whole Loans
        
        Section C2-1.1, Mandatory Commitments to Sell Whole Loans
        
        C2-1.1-01, Mandatory Commitment Process
        
        C2-1.1-02, General Information about Mandatory Commitment Pricing and Fees
        
        C2-1.1-03, Mandatory Commitment Terms, Amounts, Periods and Other Requirements
        
        C2-1.1-04, Mandatory Commitment Extensions and Pair-Offs
        
        C2-1.1-05, Servicing Fees
        
        C2-1.1-06, Accrued Interest Payments for Regularly Amortizing Mortgages
        
        C2-1.1-07, Standard ARM and Converted ARM Resale Commitments
        
        C2-1.2-01, Best Efforts Commitment Process
        
        C2-1.2-02, Best Efforts Commitment Pricing, Periods, and Fees
        
        C2-1.2-03, Best Efforts Commitment Terms, Amounts, and Other Requirements
        
        C2-1.3-01, Servicing Marketplace
        
        C2-2-01, General Requirements for Good Delivery of Whole Loans
        
        C2-2-02, Documentation Requirements for Whole Loan Deliveries
        
        C2-2-03, General Information on Whole Loan Purchasing Policies
        
        C2-2-04, Timing of Distribution of Whole Loan Purchase Proceeds
        
        C2-2-05, Whole Loan Purchasing Process
        
        C2-2-06, Authorization to Transfer Funds
        
        C2-2-07, Purchase Payee Codes
        
        Chapter C3-1, MBS Program Overview
        
        C3-1-01, General Information About Fannie Mae’s MBS Program
        
        C3-1-02, Preparing to Pool Loans into MBS
        
        C3-2-01, Determining Eligibility for Loans Pooled into MBS
        
        C3-2-02, Selecting a Servicing Option
        
        C3-2-03, MBS Remittance Type and Selecting a Remittance Cycle
        
        C3-2-04, Mandatory MBS Commitments
        
        C3-3-01, Determining and Remitting Guaranty Fees
        
        C3-3-02, Accessing Buyup and Buydown Ratios and Calculating Payments or Charges
        
        C3-3-03, Buying Up and Buying Down the Guaranty Fee for MBS
        
        C3-4-01, Term-Related Fixed-Rate Mortgage Pooling Parameters
        
        C3-5-01, Creating Weighted-Average ARM MBS
        
        C3-5-02, Calculating the Weighted-Average Pool Accrual Rates for ARM Flex Pools Using a Fixed MBS Margin
        
        C3-5-03, Calculating the Weighted-Average Pool Accrual Rates for ARM Flex Pools Using a Weighted-Average MBS Margin
        
        C3-5-04, Pooling ARMs with a Conversion Option
        
        C3-5-05, Commingling ARMs in MBS
        
        C3-6-01, Parameters for Pooling Loans Into Fannie Majors
        
        C3-7-01, Establishing an MBS Trading Account
        
        C3-7-02, Initiating an MBS Sale
        
        C3-7-03, Making Good Delivery
        
        C3-7-04, Delivering MBS Pool Data and Documents
        
        C3-7-05, Confirming Presettlement Information
        
        C3-7-06, Settling the Trade
        
        C3-7-07, Sale of Fannie Mae Securities to Third Parties
        
        Subpart D1, Lender QC Process
        
        Chapter D1-1, Lender Quality Control Process
        
        D1-1-01, Lender Quality Control Programs, Plans, and Processes
        
        D1-1-02, Lender Quality Control Staffing and Outsourcing of the Quality Control Process
        
        D1-2-01, Lender Prefunding Quality Control Review Process
        
        D1-3-01, Lender Post-Closing Quality Control Review Process
        
        D1-3-02, Lender Post-Closing Quality Control Review of Approval Conditions, Underwriting Decisions, and Documentation
        
        D1-3-03, Lender Post-Closing Quality Control Review of Data Integrity
        
        D1-3-04, Lender Post-Closing Quality Control Review of Appraisers, Appraisals, Property Data Collectors, and Property Data Collection
        
        D1-3-05, Lender Post-Closing Quality Control Review of Closing Documents
        
        D1-3-06, Lender Post-Closing Quality Control Reporting, Record Retention, and Audit
        
        Chapter D2-1, General Information on Fannie Mae QC Process
        
        D2-1-01, General Information on Fannie Mae QC Reviews
        
        D2-1-02, Fannie Mae QC File Request and Submission Requirements
        
        D2-1-03, Outcomes of Fannie Mae QC Reviews
        
        D2-1-04, Identifying and Remedying Origination Defects Under the Remedies Framework
        
        Chapter E-1, Selling Guide Resources
        
        E-1-01, References to Fannie Mae's Website
        
        E-1-02, List of Contacts
        
        E-1-03, List of Lender Contracts
        
        E-2-01, Required Custodial Documents
        
        E-2-02, Suggested Format for Phase I Environmental Hazard Assessments
        
        E-2-03, Revocable Trust Rider (Sample Language)
        
        E-2-04, Signature Requirements for Mortgages to Inter Vivos Revocable Trusts
        
        E-2-05, Servicing Marketplace — Mortgage Loan Servicing Purchase and Sale Agreement
        
        E-2-06, Correcting Errors in eNotes
        
        E-2-07, Description of eNote Header, Footer, and eNote Clause
        
        E-3-01, Acronyms and Glossary of Defined Terms: A
        
        E-3-02, Acronyms and Glossary of Defined Terms: B
        
        E-3-03, Acronyms and Glossary of Defined Terms: C
        
        E-3-04, Acronyms and Glossary of Defined Terms: D
        
        E-3-05, Acronyms and Glossary of Defined Terms: E
        
        E-3-06, Acronyms and Glossary of Defined Terms: F
        
        E-3-07, Acronyms and Glossary of Defined Terms: G
        
        E-3-08, Acronyms and Glossary of Defined Terms: H
        
        E-3-09, Acronyms and Glossary of Defined Terms: I
        
        E-3-10, Acronyms and Glossary of Defined Terms: J
        
        E-3-11, Acronyms and Glossary of Defined Terms: K
        
        E-3-12, Acronyms and Glossary of Defined Terms: L
        
        E-3-13, Acronyms and Glossary of Defined Terms: M
        
        E-3-14, Acronyms and Glossary of Defined Terms: N
        
        E-3-15, Acronyms and Glossary of Defined Terms: O
        
        E-3-16, Acronyms and Glossary of Defined Terms: P
        
        E-3-17, Acronyms and Glossary of Defined Terms: Q
        
        E-3-18, Acronyms and Glossary of Defined Terms: R
        
        E-3-19, Acronyms and Glossary of Defined Terms: S
        
        E-3-20, Acronyms and Glossary of Defined Terms: T
        
        E-3-21, Acronyms and Glossary of Defined Terms: U
        
        E-3-22, Acronyms and Glossary of Defined Terms: V
        
        E-3-23, Acronyms and Glossary of Defined Terms: W
        
        E-3-24, Acronyms and Glossary of Defined Terms: X
        
        E-3-25, Acronyms and Glossary of Defined Terms: Y
        
        E-3-26, Acronyms and Glossary of Defined Terms: Z